From the course: Preparing for an Audit
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Audit opinions
- Independence is a cornerstone of independent on it. But no matter what the auditor opinion will be, the company that's subject to the independent audit, should be aware of the four kinds of audit opinions, that could be the result of the independent audit. The four audit opinions include an unqualified or clean audit opinion. This is the best case scenario, and this opinion means that the financial statements fairly reflect what's going on at the company. Next down the list is a qualified audit opinion. This means that there are some issues in the company financials. And the company that's subject to the independent audit should address them. An adverse audit opinion, indicates there's something more severe going on at the company. This is the worst kind of audit opinion you can receive. Finally, there's a disclaimer of opinion which offers no qualification about how the financial statements reflect what's going on at the…
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